Save Better review: The best place for high interest savings?

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If this past year has taught us anything, it’s that investments that seem too good to be true almost always are. Many investors were burned out from ‘cannot leave’ tech stocks and could only watch as the value of digital assets, such as cryptocurrencies and NFTs, evaporated within minutes and could not sustain the promised high returns.

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In a highly volatile market, deciding how to invest your money is as challenging as ever, which is why rising interest rates have led many investors to turn to the safety of savings accounts and certificates of deposit (CDs).

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That’s where SaveBetter comes in.

SaveBetter pools high-interest savings accounts and CDs from financial institutions across the country, giving customers access to high-yield accounts they might not otherwise know about.

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But is SaveBetter the best way to secure the best savings rates? I’ll answer that question and many more in this SaveBetter review.

What is SaveBetter?

SaveBetter LLC is a financial technology company founded in late 2020 as a subsidiary of Deposit Solutions, now Raisin DS. Raisin works with over 400 banks in over 30 countries around the world.

What makes SaveBetter unique is that it is a digital platform, not a traditional bank. SaveBetter claims to provide a digital “storefront” for banks and credit unions wishing to promote deposit products to a larger audience.

Because the SaveBetter platform promotes products from lesser-known financial institutions, investors can take advantage of offers they might not otherwise have access to.

Customers can choose between savings products from FDIC-protected banks and NCUA-insured credit unions that offer better interest rates.

Key Features Account Type Savings Accounts, Money Market Accounts, CD Accounts, No Penalty CD Fee No Deposit Insurance Yes Customer Service Options Email, Phone Customer Service Phone Number 844-994-EARN (3276) Web/Desktop Access Yes Mobile App Availability No Save Better Products

With SaveBetter, you can easily explore savings products from multiple financial institutions to ensure that you are earning the best possible yield.

You can also access your savings accounts and investments under one dashboard, for example, you can have a two-year fixed-term CD for your wedding savings and a high-yield savings account for your emergency fund. , and can see both at the same time. Dashboard.

High-Yield Savings Account. A traditional savings account with no limit on deposits and withdrawals. Allows you to earn a higher rate of interest with constant access to funds when you need them.

Money Market Deposit Account (MMDA). A money market account is a type of savings account at a bank or credit union that lets you make withdrawals and earn interest on your money.

No penalty CD. Lock in an attractive rate for a specified period, with the ability to make full withdrawals at any point without paying penalties, after the first seven calendar days of depositing funds into your account. CD yields are usually higher than savings accounts.

Fixed-Term CD. Your money is held for a fixed term with a competitive APY which allows for a predictable and secure return on your money. Fixed-term CDs offer higher rates than savings accounts and no-penalty CDs, but your money is locked in for the length of the term, ie 1 year, 3 years or 5 years.

Is SaveBetter Legit?

SaveBetter is a legitimate way to invest. Even though SaveBetter is not a bank, your deposits with them are protected up to $250,000 with FDIC protection for bank products and NCUA coverage for credit union products.

SaveBetter is also a SOC 2-certified platform, and they use other security protocols, including multi-factor authentication, encryption, and advanced internet security from Cloudflare.

While there aren’t as many SaveBetter reviews online as you’ll find with more established banks, it’s likely that the service just hasn’t been around long enough.

How to get started with SaveBetter

Screenshot of how SaveBetter works

Here’s how you can get started with SaveBetter:

Step 1: Create your account.

Set up an account with your unique username and password in 3-5 minutes. It will ask you for the same information that is required when signing up for any type of financial product.

Step 2: Review the various investment options.

Once your account is activated, it is time to review the various investment offers on the main page. You can choose between high-yield savings accounts, fixed-term CDs and no-penalty CDs. You’ll see a wide range of products from different financial institutions, so you can shop around until you find the most attractive offer for your situation. You can also explore these options before creating your account.

Step 3: Apply for offers.

You can apply for any FDIC-insured product listed on the platform. SaveBetter lets you mix and match when it comes to the different institutions and offerings available. For example, you can invest in a high-yield savings account with Third Coast Bank and a fixed-term CD offered through Ponce Bank.

Step 4: Fund your account.

Once you’re ready to buy an investment based on your financial goals and liquidity preferences, you can choose between adding an existing checking or savings account through Yodly (a third-party app) or manually setting your routing and investment goals. Fund your account by entering the account number. Your current banking setup.

From there, it takes about three business days for the transfer to happen. You will start accruing interest on your money when the transfer reaches your SaveBetter account.

Step 5: Manage your various investment accounts under one dashboard.

With SaveBetter, you can manage all your accounts under a single dashboard. For added simplicity, you’ll only receive one tax document from SaveBetter, even if you invest in multiple financial institutions.

Save the Better Pros and Cons

As is the case with any financial instrument, there are advantages and disadvantages that you need to consider before making the decision to invest your money. Here’s my list of SaveBetter pros and cons:


You can open an account in 3-5 minutes. Access investments from multiple financial institutions. Manage all your accounts from a single dashboard. Simplified tax reporting with a single 1099-INT document.


You might be investing in a less established FI. There are no online bill pay or checking services available. Limited customer service is only available between the hours of 9am to 4pm EST. save better option

As an online marketplace dedicated to savings products, SaveBetter is unique and has no direct competitors. That said, other online banks are offering attractive rates on high-interest savings accounts and CDs. Here are some SaveBetter alternatives worth considering.

associate bank

Ally is an online bank that also offers high-yield savings accounts and CDs. With 3.30% APY at the time of this writing, their savings account is a little lower than what you can find with SaveBetter. Still, it offers a number of features you won’t find anywhere else, like recurring transfers and savings buckets.

You also don’t need to worry about minimum balance or maintenance charges with Ally Bank Savings Account. However, if you’re looking for the highest return for your money, SaveBetter rates are higher. For example, I found a Western Alliance Bank Savings Account with 4.23% APY.


SoFi is an online personal finance company and a bank that allows you to complete your financial transactions all in one place. You can have a checking account, savings account, credit card, credit score tracking services, and many other financial products under one umbrella.

SoFi is currently offering a savings account with 3.75% APY. You can do all your banking in one place, and you are guaranteed to earn interest on your money. With over four million users, it’s clear that SoFi has become the one-stop shop for personal finance for many people.

Save Better FAQ

Since SaveBetter only launched in 2021, many investors are still not familiar with the company. Here are answers to some of the most common questions people have about SaveBetter.

Is SevBetter safe?

Yes. SaveBetter connects you with trusted financial institutions. All deposits on the platform are held at institutions that are federally insured.

How much does SaveBetter charge as fees?

SaveBetter currently does not charge customers any fees for using the platform. You can start investing with as little as $1 without worrying about any hidden fees that usually come with a banking account.

Why doesn’t SaveBetter charge any fees?

SaveBetter generates revenue by charging financial institutions to market products to customers of the platform. By charging banks and credit unions, SaveBetter can offer free services and higher rates to customers.

How is SaveBetter able to offer high-yield savings accounts that you won’t find anywhere else?

When marketing to reach new customers, smaller, lesser-known financial intrepreneurs do not have the financial resources to compete with more established banks. To attract new customers nationwide, these banks and credit unions offer high interest rates to entice new customers to enroll.

How does SaveBetter hold your funds?

When you transfer your funds from your external banking account, the funds move from the bank account of the institution offering the savings product to a custodial account. A federally-insured banking institution or credit union always holds your money.

Do you have to join a credit union before you can invest in savings products?

While you do have to join a credit union to use its products, SaveBetter makes sure the process is quick, easy, and free. This means that SaveBetter customers can invest with the credit union without paying any membership enrollment fees. You will always access the financial product through the SaveBetter platform.

Which financial institutions does SaveBetter work with?

SaveBetter works with a variety of banks and credit unions. Some banks and credit unions include:

– Ponce Bank
– Great Lakes Credit Union
– Idabel National Bank
– American First Credit Union
Lemmata Savings Bank
– SkyOne Federal Credit Union
– Sallie Mae Bank
– MPH Bank

You can find a list of banks and credit unions and their products on the SaveBetter Explore page.

How do I reach SaveBetter with any questions?

You can contact the SaveBetter customer service team Monday through Friday between 9AM and 4PM EST. His telephone number is (844-994-EARN). can also send email to [email protected],

SaveBetter review: Final thoughts

If you are looking for a place to put your money in the short term, then you should check out what SaveBetter has to offer. At the very least, review the products to see if you can find a suitable product that meets your needs. Savings accounts don’t offer the return potential of long-term market investments, but you’ll sleep better at night knowing your money is safe.

Even though SaveBetter is not as established as some of the larger national banks, and they work with smaller financial institutions, know that your money will be protected with deposit insurance while you earn a decent return.

Current Save Better offer

I looked through the offers to find the best deals available on the SaveBetter platform. Here are some notable offers at the time of writing:

Screenshot of current SaveBetter offer

These are just a few of the many offers available on SaveBetter’s Explore page. Each savings product has a $1 minimum investment if you want to sign up.

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